TradeWaltz, the blockchain trade consortium that includes many of Japan’s largest trading firms, has partnered with mining traceability firm MineHub to trial a copper trade executed by Sumitomo Corporation.
The proof of concept on March 23 indicated potential business efficiencies of digitizing the process of up to 60%.
TradeWaltz’s blockchain network officially went into production two weeks ago and boasts more than 100 corporate members with the founders, including three major trade conglomerates, Mitsubishi Corp, Toyota Tsusho and Kanematsu, as well as MUFG bank. NTT Data initiated the project, targeting the digitization of Japanese import-export documentation.
Meanwhile, Canadian startup MineHub focuses on an earlier stage in the supply chain, tracking metals and minerals from the point of extraction. The original purpose of its solution was supply chain traceability which could be used for trade finance solutions. More recently, it has expanded into tracking carbon emissions for ESG purposes.
While the Sumitomo copper trade was a verification test, TradeWaltz CEO Satoru Someya said he plans to work with MineHub to use it for live trades.
MineHub was listed on Canada’s TSX Venture exchange six months ago, raising CAD 10 million ($8 million), and earlier this month, it raised another CAD 3 million ($2.4m) net of expenses in a private placement. Last week the company announced that BHP, Chinese Minerals and Zijin Mining completed a copper concentrate transaction on its platform.